How to close Sbi Credit Card -A Guide
Though SBI Credit Cards offers a lot of features and rewards, but if you are dissatisfied with the benefits and offers of your SBI credit card or desire to replace it with a new credit card from the same bank or any other bank, you may want to close or cancel your card account. Also, if you have applied a card without thinking the purpose of it and you only use the card sometimes and it has a hefty annual charge, it’s best to cancel it. Keep in mind, however, that cancelling a credit card has an impact on your CIBIL score or other credit scores.
So, in this article, we’ll go over how to close or cancel any SBI credit cards, as well as the processes required. Also we covered few vital and very important factors related to credit closure which no one talks about.
Access your SBI Credit Card Account online
1. You will most likely visit https://www.sbicard.com/ and click the login button at the top of the web page to access your account. If you haven’t created an online profile, click the link under the login button to sign up as a new person.
- To register as a new customer, you will need to provide your Credit card number, CVV number so remember to keep it handy. If you don’t have your credit card with you, you may call the SBI Card Help Line for advice from 1860-180-1290 or 39-02-02-02 (Prefix local STD code )
2. Make sure your profile is really active if you haven’t used your card at some point. SBI can cancel bank card profiles at any time. If your account is less active, SBI may have terminated it without your acknowledgment. SBI has the right to do it without any prior notice
- Banking laws prevented financial institutions from requesting extra charges due to the non-use of credit cards. Consequently, SBI can close a less active profile that does not grant the bank any loan.
Clear your SBI Credit Card Dues
3. Firstly make sure you have no dues on your credit card and make sure it shows zero payment required or zero balance. SBI will not discard your credit card until your balance is actually paid in full. Check the rest of your account online to identify how much you are obligated to pay. If you’ve used the credit card recently, be sure to check for any outstanding fees.
- Please check the most current statement correctly to make sure there are no misleading purchases right before paying for your dues in full and cancel your credit card. If there are any suspicious transactions on your card and you don’t notice until then and find it after you’ve canceled your credit card, you may not be able to get your money back again.
- If you have a considerable balance on your credit card, create a series of EMIs by converting it to monthly payments, i.e., paying for it over a few months, instead of simultaneously paying for the entire amount(though some interest may incur). A big amount of repayment suddenly could impact your Credit score and damage your credit history.
Switch Subscriptions & Bill Payments on Card
4. Change your subscriptions and periodic recurring payments to another credit card. If you’ve used your SBI credit card to make any kind of automatic payments, contact those organizations and cancel your automatic remittances or even provide a different payment strategy. Again, please review the day of the payment and schedule it according to the same dates to make sure it will not occur before you cancel your credit card.
Maybe with some companies, it may take some time, and you may have to follow up multiple times to make the changes to automatic payments and subscriptions, so be prepared; you may have to wait until the next billing cycle. Ensure to re-verify the days before the cancellation of your card.
Advice: If you have a large outstanding due that you are repaying for many months, it makes sense to go ahead and check any kind of repeat repayments so they don’t contribute to the balance while you are trying to clear it off.
Verify Recent Transactions
5. Make sure any kind of payment you have done has been posted on your profile. Before canceling your card, log into your online profile one more time and validate that the balance is indeed zero. Look at recent transactions and usage at the same time and make sure there are no outstanding costs that you may have neglected.
- When clearing your due balance or after you’ve done your previous payment, it’s a great idea to stop using your credit card entirely if you are determined to close your credit card. In this way, you will understand that no new costs appear.
Role of Credit Score in Card Closure
Credit Score check before closing the account may save you for future credit card applications.
Examine your credit report just before closing your profile. Visit https://www.cibil.com/freecibilscore, and an account can be created easily to acquire your credit score and file at no cost from CIBIL (Credit Information Bureau India Limited). You will need to provide private information to create an account with your due date, address and PAN card, or even the Aadhar amount.
- Review your credit rating file, focusing on how much debt you have available and also how much you are actually using. If you cancel your SBI card, this will definitely reduce the volume of credit history accessible to you, which could lower your credit rating.
- Simply owning a single credit card and canceling it may not lower your credit rating. But you may have a tough opportunity to open a new credit card without that ongoing credit score history.
Now let’s find out the card closure part.
How to Close SBI Credit card account
How to close SBI credit card online may look very simple, but before following the above steps if you want to close SBI credit card account you may ruin your credit score, as well as may have to pay extra charges. It is highly recommended that you should go through the above details in-order to avoid any such complications or discrepancies. So, lets jump into the real process of closing your SBI credit card.
1. Contact or contact SBI Card customer service. While some banking companies in India require you to submit a written cancellation request to cancel a card, SBI also accepts cancellation requests over the phone. The contact number to reach is 1860-180-1290. Actually, it is also printed around your credit card.
- To request termination of your SBI credit card in writing, send a letter to SBI Card, PO-Bag 28, GPO, New Delhi-110001. The letter should have a clear subject that you want to cancel your credit card. Provide your full name, registered address, Credit card number (only the number in front of the card), and call information. Make sure it does not consist of any kind of relevant sensitive information, including your PIN or even the CVV number, expiry date etc., of your credit card.
- When canceling over the phone, you may get a docket number for your cancellation request. Write it down and keep it safe and secure in case the termination does not happen or you have any kind of query.
Advice: When looking to cancel your primary SBI credit card, any additional add-on credit card type will also be immediately canceled.
Disposing the Card
2. Once the first step is done, destroy the credit card by cutting the card diagonally after providing your request. SBI asks that the finished credit cards to be cut diagonally, coming from the lower right edge to the front right corner. After cutting the card, you can throw it away, having said you want it.
Unlike some banking companies, SBI certainly does not require you to send them the destroyed credit card.
Although it may take a few weeks before cancellation occurs, do not use your credit card after requesting cancellation. This could further delay the termination and shall postpone the process.
Card Closure Acknowledgement
3. Acquire an acknowledgment for your card cancellation. When you submit a request to cancel your credit card, you will generally receive an email/letter from SBI confirming the date your credit card was canceled. The bank company can put on hold the termination for a couple of weeks to ensure no new fees apply. Your main acknowledgment will normally be your concluding bank card statement.
- If you close your card during the middle of the billing cycle, you may receive even more statements. Contact the customer care of your bank if you receive any type of statement even more than 30 days after you have canceled your card.
Reward Points Utilization after Card Account Closure
Redemption of Rewards & incentive aspects
Use any non utilized reward points within 45 days. Along with some banking companies, any type of reward points that you accumulated while possessing the credit card may simply be wiped away when you cancel the card. SBI gives you 45 days to turn in those reward points before they expire.
Right before closing or even canceling your SBI creditcard, you should examine your reward factors that have not actually been used.
You can exchange these reward points for things that are available from the bank company’s catalog, or you can easily use them all for any kind of cashback, gift vouchers, or discounts. For using discount points after you have canceled your card, make sure that you may not have to use your card to complete the purchase.
It is not advisable to use the card for reward redemption just before starting the cancellation procedure, as it will still generate a remittance claim that the cardholder will definitely have to pay for. Certainly, the banking company will not indulge in a cancellation if any statement is generated for such transactions.
Final Credit Card Statement
The most up-to-date SBI credit card statement should actually be revised:
As you should thoroughly inspect the most recent SBI credit card statement before they cancel it to make sure no illegal transactions have been made on it. It is also necessary to check the final statement of your card after cancellation to check if any vague transactions or terms are mentioned in it. If you find something you need to bring to notice, you may call the customer care number and inform them.
Note that your final card statement after cancellation is one of the main reference documents for your credit card closure.
Frequently asked questions on how to close or cancel an SBI credit card
Does a canceled or closed credit card affect your CIBIL score?
- If a cardholder owns multiple credit cards and makes his mind to cancel any one of them, the consolidated credit availability is reduced to a certain extent. This leads to an increased credit usage percentage that essentially shall have a negative effect on the CIBIL credit score of the cardholder. In case the cardholder has only one bank card that he wishes to cancel or close after paying all fees, he can do so without any impact on his credit rating.
What do I need to consider just before, in addition to setting up the procedure to close my SBI credit card account?
- You need to make sure to get rid of all fees and not to use the card just before and after the starting of the process. Do not discuss any kind of personal information like your credit card PIN and also the CVV variety with the banking company. Also, cut the credit card on the diagonal just before you throw it away.
Will the bank actually notify me when I have not cleared my remittances before processing the cancellation of my SBI charge card?
- Yes, you will definitely have to get rid of all your fees before you start closing your SBI bank card and the financial institution will notify you of the same if you don’t. You cannot cancel the SBI creditcard if you have outstanding charges.
When will my credit card account be considered a close by SBI?
- SBI will certainly send you a confirmation created after your visa or MasterCard account has been finalized. Your final statement or last statement after card cancellation will also show the closing of your bank card account.
Will my SBI visa or MasterCard be considered useless once the account has been closed?
- Yes, once your SBI bank card has been canceled, it will be of no use after that. You may cut the card diagonally and dispose of it.
Will I have to close my additional credit cards (Add-on)one by one?
- Currently, when your main SBI bank card has been closed, the additional visa or MasterCard will also be closed and will not work.
Can I close my SBI credit card online?
- You may cancel your SBI credit card online by sending an email request at firstname.lastname@example.org. Or you may use the online query form and you request shall be forwarded to the right department. In an email, a credit cardholder must submit credit card information as well as personal information such as name, registered address, and registered telephone number.
Protection of your credit
1. Use the visa or MasterCard that you have periodically. When your credit card remains unused for several months, it can really have an unfavorable influence on your credit history. The simplest method to make sure this doesn’t happen is to put a small recurring bill that you normally pay monthly on the credit card after paying with the visa or Master Card.
- Best way is to organize your cards depending on the sends. You can also easily prepare your own card rule to ensure that you use a particular bank card for particular categories of purchases. You can easily bring your card usage in line with this. For example, if you have a credit bank card with online shopping benefits like an Amazon card or Flipkart card, use it when doing online shopping; similarly, if you have a travel card, you shall use it for booking air tickets, hotel rooms, etc.
- Paying your card balances monthly is generally better for your credit than bringing an unpaid balance from one month to the next.
2. Keep a check on your bank cards and loans. A combination of credit score types is much better for your credit history than a large number of insecure bank cards. If you have multiple bank cards and are short of funds, it is better to get an individual loan from your banking company. You can put the money in the savings account and also pay it back on a monthly basis. It will definitely cost you a bit in interest rate settlements, but it will help build your credit history.
- Another way to preserve your credit rating balance is to obtain a mortgage on a home or purchase a car loan to finance a car and truck purchase.
3. Examine and analyze your credit score document at least once every six months. Use your profile at https://www.cibil.com/freecibilscore to review your credit history document and credit score at no cost. If you find any errors or even incorrect information, call CIBIL to get the error correction.
- You can also register with the credit institution that provides services to correct the pieces of information. Sometimes that can be a simple mistake that can be quickly and easily resolved.
4. Keep your credit utilization usage below 30 percent. Your credit consumption is the ratio of the amount of debt you are using to the amount of credit that you are offered. Ideally, you shall pay off your debt card balances each month. If, in case, you determine that you have a balance to carry forward to the next cycle, almost anything over 30 percent will lower your credit report score.
- The use of credit is determined based on revolving accounts. These are usually bank cards where you have a line of credit, and you can also spend about that amount. As you pay, the credit rating becomes available again. Personal loans that you are simply paying off on time have no bearing on your debt utilization.
5. Make sure to keep a tab on your payment behavior by making the payments on time. Late payments will certainly hurt your debt score. Mark your due days on a calendar or even enter a tip on your phone or even your computer, so you won’t neglect your payment schedules.
- You may also have the ability to set up automatic settlements and transfers. Even if you do this, make sure you understand how much the payment will be each month and review your statements every month for errors or even fraudulent transactions.
Do not miss a payment due to the fact that you do not agree with the offers that were uploaded to your profile. If the cost is reversed, the amount of money will surely be returned to you. However, if you lose the payment due date, your debt score could drop.
If you want to cancel your card because you feel strongly that the interest rate or fees are excessive, call customer service to get started and find out if you can easily arrange a reduced cost. These changes are rarely created, but it doesn’t hurt to ask.
If you change your mind and determine that you want to revive your Credit card, call SBI at 1860-180-1290 or even send an email to email@example.com. After confirming your recognition, the financial institution will certainly revive your profile and will also issue you a new credit card (subject to their terms and conditions).
Any kind of annual cost you have spent for your visa or MasterCard will certainly not be refunded when you cancel your card, either in full or even in part.
SBI Credit Card Closure / Cancellation Sample Application Letter
SBI Credit Cards
Dear sir / madam
Sub: Application to Close/cancel my SBI credit card (Card No.___________________)
With the subject cited above I would Like to inform you that due to some personal reasons, I do not need the credit card any more. Hence, I request you to close / cancel my credit card and the linked card account no. is ____ (Mention the credit card number) with immediate effect.
Till date, I have cleared all the payments made with this card has zero dues on it.
Further details of the card:
- Name of the card Category: Write as it appears in the card e.g platinum card, master card etc.
- Name of the card holder: Write the name as it appears in the card
- Credit Card No.: Write the credit card no.
Registered Phone No.:
Further I request you to this as early as possible and send me a confirmation that my credit card / credit card account has be closed.
(Below signature, your full name in brackets as given in the bank records)
Your Full Name: ________
email id: _____ (optional)